The FCA’s recently published discussion paper (12 March 2018) raises the latest culture audit expectations under SMCR.  What culture factors and indicators will firms now need to report?  Is your existing MI fit for this purpose, or is a new approach to reporting expected? How vulnerable is your firm?  Join us for this interactive workshop update and find out.

Regulators expect banks to manage culture within their business and demonstrate how they are changing it for the better. As yet, there is no consensus on how to undertake a cultural assessment; there are as many prototype dashboard designs as there are banks working on them.  This intensive workshop provides a unique first opportunity for attendees to compare their own work in progress with other banks’ alternate approaches.

The regulator expects culture audits to inform and support other improvements: earlier detection of wrongdoing; ever clearer commitments to “individual morality and responsibility” under SMCR; and more “salient and vivid” (that is, socially painful) repercussions.

This session directly answers enquiries from the many individuals charged with measuring their bank’s culture: How to identify and track culture credibly; which indicators are most useful to include on a culture dashboard; and what sources inform the regulator’s thinking?

As well as attending this session, members are invited to submit in advance, and in confidence, any scenarios, key indicator sets and dashboard prototypes for confidential preview and discussion.

Senior lead managers for culture assessment have been asking whether their own approaches are valid and worthwhile, and whether the regulator is likely to approve them when first examined.  This full-day workshop directly addresses these concerns, providing an overview of the FCA’s approach to culture, favoured methods among other banks and in other industries, and the latest techniques in assembling effective indicator sets.

Outcomes

By attending this session you will:

• Understand the FCA’s view of what constitutes acceptable and unacceptable cultures, in the Boardroom, in business lines, and in compliance functions;
• See practical examples of indicators used to measure and incentivise a culture of good conduct and compliance;
• Find new forms of practical response to the question of “what good behaviour looks like”;
• Identify significant patterns of preferred and prohibited behaviour;
• Be better equipped to assemble a cultural measurement tool and to appraise the value of culture and compliance initiatives.

Take this training in-house

If you have five or more delegates who wish to attend this briefing, it may be more cost effective to run it in-company. To find out more about in-company training, please contact the team on 0203 934 1014 or training@ukfinance.org.uk